IMI PLC on Friday lifted its yearly dividend following double-digit profit growth, and expects to add to its bottom line in 2023.

The Birmingham, UK-based engineering company said revenue in 2022 rose 10% to £2.05 billion from £1.87 billion a year ago. In particular, IMI Precision Engineering had a strong year, delivering organic revenue growth of 5% and revenue growth of 18%.

Pretax profit jumped 13% to £346 million from £307 million, as adjusted basic earnings per share rose 15% to 105.5 pence from 92.0p. Operating profit jumped to £298.2 million from £250.5 million a year ago.

On the back of strong annual results, IMI upped its full-year dividend to 25.7 pence per share from 23.7p a year prior.

Chief Executive Roy Twite said: ‘We continued to make significant progress in 2022, delivering our third consecutive year of profit and margin growth.’

Looking ahead, IMI said that based on current market conditions, it expected adjusted EPS in 2023 to be around 111p. This would be up 5.2% from 105.5p in 2022.

Shares in IMI were down 0.1% at 1,582.00 pence each on Friday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.